ACC broke?

[Murray]

Just put out today in the newspapers

The government's deficit shrank as bigger returns from the ACC and New Zealand Superannuation Funds bolstered sagging revenue streams.

The deficit narrowed to $4.5 billion in the year ended June 30, from a $6 billion deficit a year earlier, according to financial statements released today.

That was underpinned by a $2.5 billion gain in the value of the so-called 'Cullen Fund' and ACC investment portfolios underpinned. Stripping out non-realised gains, the government's 'operating balance before gains and losses' (OBEGAL) reported a deficit of $6.3 billion from $3.9 billion in 2009.


I thought they were broke???

[avgas]

Most still think SCF is broke.........

[Mom]

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I thought they were broke???

I believe it is called creative accounting along with some dubious comparisons in the stats. Want to read their last years financial report? I got a migrane getting through it

[yungatart]

With higher levies on bikes, diesels, trucks and employees and lower payouts(physiotherapy, home help, sexual abuse victims etc) of course ACC could help shore up the govt. coffers.

It is a crock! If it looks like shit, smells like shit and tastes like shit, then it probably is shit.

The question is what we, as motorcyclists are going to do about their shonky bullshit? Roll over and be shafted yet again? Or start making some noise?

I know what my choice is going to be.

[NinjaNanna]

FFS - The IMPORTANT word is DEFICIT, you know as in, not enough money!

[gazmascelle]

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FFS - The IMPORTANT word is DEFICIT, you know as in, not enough money!

defecate?

[MadDuck]

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FFS - The IMPORTANT word is DEFICIT, you know as in, not enough money!

.....the even more important word you forgot is "GOVERNMENT". Since when was it the responsibilty of the ACC and NZ Super Fund to finance the "GOVERNMENT" deficit whilst issuing tax cuts....

[DEVVIL]

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FFS - The IMPORTANT word is DEFICIT, you know as in, not enough money!

I get that(DEFICIT) feeling when I rego my bikes

[Maha]

ACC Broke?...heres a thought, they should get bikers to prop it up.

[p.dath]

The last published records I can find are for 2009:
http://www.acc.co.nz/publications/in...erText=ACC5261

On page 73 of the PDF, on the consolidated income statement, total levies collected was 4,182,957 (aka, $4 billion), and total claims paid were 3,062,930 (aka, $3b).

So there was a net surplus of 1,120,027 (aka, $1.1b). This is ignoring the returns from the ACC investments. This is just the surplus between levies collected and claims paid.

They then write the excess off against paper losses that have not yet been incurred.


So looking at the ACC figures yourself, do you still think they are so badly off?

[davereid]

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So looking at the ACC figures yourself, do you still think they are so badly off?

ACC are not in financial trouble, and they never have been. Only the pay-before-you-claim model has created any concept of a financial problem.

BUT

Both Labour and National support fully funded ACC.

The argument about full funding, while entirely valid, and prove-able, has been lost.

Long term that may or may not be a good thing. If ACC makes good investments we win, if not we lose. History says we lose, but we are stuck with it.

Our goal now has to be Woodhouse - a return to equal premiums for all that do not discriminate on the basis of vulnerability.

If we don't focus we lose.

[Brian d'marge]

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I get that(DEFICIT) feeling when I rego my bikes

and yet i dont see many people doing anything about it . you all must make loads of money for to pay that nice man his Rego cut ... 500 buck ,,,,,then theres WOF , petrol tax , speeding tax ( optional)

when are the great unwashed going to say no.... when gran realizes her wee car is going to costa packet ( small island of the Spanish coast ) ?


oh well

stephen

[jafar]

ACC back in the black
The corporation's recorded a $2.5 billion surplus - a major turnaround from last year's $4.8 billion dollar deficit

14 October 2010
The Government is talking about the latest numbers on ACC's financial performance.

The corporation's recorded a $2.5 billion surplus - a major turnaround from last year's $4.8 billion dollar deficit.

ACC Minister Nick Smith is applauding the result and ACC's efforts to grow assets and contain liabilities.

He says it means ACC is back on sustainable financial footing, enabling New Zealanders to have confidence they will receive proper care if they have an accident.

[Mom]

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He says it means ACC is back on sustainable financial footing, enabling New Zealanders to have confidence they will receive proper care if they have an accident.

See, this is where I have problems with anything that comes out of official quarters. Last year the corporation was in serious financial strife according to the minister, this was the main reason ACC had to look at ways of economising on the claims they pay out on, and increase levies based on the calculated risk of activities undertaken.

Trouble with that is the figures they used to calculate the risks were massaged so results seemed to support the assertion that Motorcycles are dangerous things, and that car drivers subsidise biker regos etc. Patently untrue.

Still the government forged ahead with the changes and by some miracle ACC are back in the black just 12 months after they were in dire financial strife. Imppssible to achieve such a huge turnaround in 12 months.

So which one of the financial scenarios is correct?

[Murray]

So now they have such a large surplus they should be able to reduce the levy's forced on us poor bastardas yeah right